Check my work mode: This shows what is correct or incorrect for the work you have comp Required information Use the following information for the Exercises 3-7 below. (Algo) The following information applies to the questions displayed below) Laker Company reported the following January purchases and sales data for its only product. Units sold at Date Activities Units Acquired at Cost Retail Jan. 1 Beginning195 units $12.00-$2,340 inventory Jan. 10 Sales 155 units $21.00 Jan.20 Purchase 120 units $11.00= 1,320 Jan.25 Sales 135 units@$21.00 Jan.30 Purchase 290 unitses10.50- 3,045 Totals 605 units $6,705 290 units Exercise 5-3 (Algo) Periodic: Inventory costing methods LO P1 Required: The Company uses a periodic inventory system. For specific identification, ending inventory consists of 315 units, where 290 are from the January 30 purchase. 5 are from the January 20 purchase, and 20 are from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using a specific identification, weighted average. (FIFO, and ( LIFO. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Specific Weighted Id FIFO LIFO Average Determine the cost assigned to ending Inventory and to cost of goods sold using specific identification. For specific identification, ending Inventory consists of 315 units, where 290 are from the January 30 purchase, 5 are from the January 20 purchase, and 20 are from beginning inventory. a) Specific Cost of Goods Available for Identification Sale Cost of Goods Sold Ending Inventory #of Cost Cost of Goods of Cost Cost of of units Cost per units units per Goods Available in ending per unit Ending sold for Sale unit Sold Inventory Inventory unit Beginning Inventory 1960 $ 2,340 12 00 1958 12.00 $ 2.340 31% $ 3.780 Purchases 12.00 Jan. 20 1200 1,320 120% $11.00 1,320 Jan. 30 290 3,045 10.50 2000 10.50 3,045 Total 605 6,705 315 $3,600 605 6,625 11000 10 Welehted Averam